EUR/USD analysis: weak NFP not enough to save the EUR


EUR/USD Current price: 1.1084

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The EUR/USD pair surged up to 1.1120 on the back of a disappointing US employment report, showing that the economy added just 223,000 new jobs, below the 232K expected, May reading suffered a downward revision from 280K to 254, whilst wages remained flat. The only positive note of the report was the unemployment rate that fell down to 5.3%. Even the weekly unemployment claims rose above expectations, up to 2.264M against previous 2.249M. The common currency, was unable to hold above the key 1.1100 figure, and trades steady below it, with the 1 hour chart showing that sellers surged around the 100 SMA, whilst the technical indicators are turning slightly lower above their mid-lines. In the 4 hours chart, the price remains below its moving averages, whilst the technical indicators aim higher, but remain  below their mid-lines, keeping the upside limited. 

Support levels: 1.1050 1.1010 1.0960

Resistance levels: 1.1120 1.1160 1.1200


GBP/USD Current price: 1.5609

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The GBP/USD pair dipped down to 1.5561 on the back of early dollar's strength, bouncing however, after the tepid US employment report. Nevertheless, the price is having a hard time to continue advancing, capped by a former strong static support level, the 38.2% retracement of its latest bullish run around 1.5645. Technically, the 1 hour chart shows that the price stands a few pips above a flat 20 SMA, whilst the technical indicators have turned flat in neutral territory. In the 4 hours chart, the 20 SMA maintains a strong bearish slope well above the current price, whilst the technical indicators are barely bouncing from oversold territory, far from confirming a stronger advance. 

Support levels: 1.5550 1.5520 1.5170

Resistance levels: 1.5645 1.5695 1.5730


USD/JPY Current price: 123.05

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The USD/JPY practically closed the weekly opening gap, raising up to 123.72 before the US employment report sent the Yen up against the greenback. The pair struggles around the 123.00 figure, with the 1 hour chart showing that the technical indicators have accelerated south after breaking below their mid-lines, and with the 100 SMA offering an immediate support around 122.80. In the 4 hours chart, the technical indicators have turned sharply lower but remain above their mid-lines, whilst the price is back below its moving averages, all of which should keep the risk towards the downside. 

Support levels: 122.80 122.45 122.00 

Resistance levels: 123.30 123.75 124.10

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